5 Next-Level Money Moves Everyone Should Be Making
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- čas přidán 7. 09. 2024
- Just because you’re getting by financially doesn’t mean your work is done. Here are the upgraded money moves everyone should be making. Looking to make money moves without getting out of bed? Check out this video: • The 6 Smartest Financi... .
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Based on an article by Amanda Leighty:
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Millennials big victims of fraud:
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Watch more of The Financial Diet hosted by Chelsea Fagan here: • THE FINANCIAL DIET
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Want to make more important money moves? This video will tell you how: czcams.com/video/5ZXz8rQwRic/video.html.
1. Use a Credit Card Responsibly
2. Knowing Your Card's Dispute Policy
3. Freezing Your Credit Reports
4. Being Aware of Free Trial Offers
5. Go Beyond "Baby's First" Retirement
Naam Wynn - Personal Finance & Investing thank you
Cheers
@@mariaparedes4323 Your welcome!
Maria Paredes the why matters but thank you nonetheless
Pro tip: when you do a free trial, most services will allow you to cancel your subscription while maintaining your free trial til the end of that month. In other words, as soon as you sign up, cancel your subscription immediately.
Green Alien Yeah
this almost never works
If you forget and get charged, you can also contact the company and try to get a refund. I was successful with this twice.
Yes this has always worked! Amazon makes it seem like you will lose the trial but you get to keep it!
Maripoy that’s just one example. I canceled my trial with the calm app, Apple Music, rhapsody, postmates free delivery, and a few others that I recall, and the trial ended right when I canceled lol
*_If your employer matched your 401k then it's a Next-Level Money Move. It's basically free money_*
Going deeper into retirement next-level money moves:
*
1. Get 401k Employer Match
2. Max out Roth IRA
3. Max out Health Savings Account (HSA) if eligible
4. Max out 401k
5. Extra money towards rental properties or taxable brokerage account
This video was so timely! I feel like i have walked a personal finance management course with TFD, and i have graduated. I really have gotten much better with my personal finances! I have been craving for TFD "grad school" sort of like an advanced level (maybe intermediate level) that goes beyond personal finance and talks of investing and growing wealth but in a way so simple, TFD fashion. I feel like this is a step in that direction and is highly welcome! As i approach my 30s, my goal is not just to survive well on a budget, but to thrive financially.
I'm retired with a federal pension and a large savings, but I still learn new things from this channel. I'm going to check into freezing my credit report.
Thank you SO MUCH for these videos. I was literally never shown how to be responsible with money from my folks, nor was I taught basic financial literacy in school. This has been my saving grace, and has taught me so much in an accessible format that never seems judgey or out of reach. So important.
You might want to consider having Chelsea's face in the thumbnails for her videos. I find myself visually skipping videos when they having a stock image as the thumbnail! Justsayin #marketing #ABtestinglol
i ONLY watch Chelsea
Chelsea is awesome
I agree. I find that when there's a stock image, I think it's one of the other videos.
I watch them all as I aggregate my subscriptions into a playlist. But I have sorted out "stock-image" thumbnails more than once. Even if Chelsea does a buzzfeed-style list, I usually take away something valuable. The others? Not so much.
A "this is how I paid off 93k dollars in 2 years" is usually a "how I lived with my parents one". Chelsea is a bit more realistic than that.
@@JesperDramsch Yeah, I tend to watch them all, but I usually feel more connected to the Chelsea videos or The lifestyle Fix.
This has happened to me twice in the last month: if you pay for anything re-occurring through PayPal, make sure you cancel the billing THROUGH PayPal, not the site you signed up for. A lot of places will let you close accounts but don't remind you that you have billing through a third-party system and it SUPER sucks when something you thought you were on top of gets thrown in your face the next billing cycle.
I only re-up a subscription when something that I really want to see is coming on. So I'll pay 15 dollars for a month of Netflix, watch everything that's relevant, then have it cancel at the end of the month.
After that I start making a list of upcoming shows to watch in three to six months.
nice 💕
I checked my credit score because of you, I use my credit card all the time and it gets payed off automatically. I have a good credit score and I'm no longer afraid if checking it! Thanks
Thanks for raising the bar Chelsea. We all need to remember that finances require continuous improvement. Can’t believe I’ve been here so long. You motivated me to talk about finance on my channel as a female. Thanks 🙏🏾
I agree with the credit card and make sure to use less than 30% of your credit limit on your credit card. I actually spend less with a credit card because I'm always trying to get less than a 10% utilization ratio. I wish Dave Ramsey wasn't so against credit cards.
Im cutting it up after my new job comes through.
I’m trying to adult after getting my first time job and decided to watch this video. Thank goodness I did because I kept procrastinating on unsubscribing to a “free trial” and BARELY cancelled it before it was too late. Thanks for making that push!
One thing that nobody ever talks about is the amount that businesses are charged when you make a purchase using your credit card instead of your debit card. The effect that this has on local businesses prevents me from using my credit card as much as I would like to.
Definitely this. I make sure to bring cash when I shop local in my home town for this reason (especially since half of the shops there refuse credit cards entirely because they don't want to deal with the fees). Or the fact that paying certain bills with a credit card results in additional fees to you at payment. I thought about switching some bills over to my credit card (like rent), but every single one had a credit card fee attached that was more expensive than the cash back I would have earned. It pays to actually look at what you're doing and not just blindly follow advice, no matter how well-intentioned.
Would you do a video on rules to selecting a credit card to use for this purpose? Thank you!
I pay for EVERYTHING on my credit card, pay it off and fly for 'free' on every vacation.
Tiffany Leeson what card do you use?
PhoenixBlade538 I’m in Canada and I use the BMO world elite Mastercard
I’m so confused ... what do you mean by “free”?
For the free trial offers you can usually cancel your subscription the same day and still receive the free month or whatever. So dont set yourself up to fail, cancel the same day.
Great information, even for those of us who are retired. Especially those with limited lower income. We have had serious conversations with out bank and our 401Ks so we have a good handle on the income and out go. We set up a “Sinking Fund” for those unexpected and semi annual and annual payments for auto repairs and home maintenance. We set up a separate account for travel expenses for long weekend trips and longer vacations. I learned about most of these from this channel!!
I did the Amazon Prime Free trial and did the same with setting alarms to end it. My workplace has a really good pension with employer contributions as well
I loved this video! I’m currently at the place where I’ve got the financial basics down, and I’m looking to level up. I would love to see TFD do a series going into more depth on investing and other second-level strategies.
1. Use a credit card as much as you can (responsibly).
2. Knowing your card's dispute policies intimately.
3. Freezing your credit reports.
4. Being wary of "free trials" offers.
5. Go beyond "baby's first" retirement account.
I’ve been binge watching these videos as I’m making some of my first big adult steps like taking out loans to transfer from community college to a university. Money has always been confusing and stressful to me but these videos help me feel so much more prepared for my future!
Love your videos but you constantly do this thing where in the video you say "we'll link you in the description box" and the link is never there :(
Same. I wanted to read those stories about the 3 people who received the credit help. Unfortunately, they're not linked.
Bruh! I'm all about the calendar alerts to shut that sh** down!!! You rock, Chelsea!
Please don’t advise people to close a card because the number was stolen, they just need to get a replacement card. I’m sure you are aware, but the wording of your advice could very easily be misunderstood and lead to people tanking their credit scores unnecessarily. :)
I lock cards until I find them.
Very well articulated! That's a whole lot of valuable info jammed packed into one video right there folks. Pay attention!
FYI; Vanguard has very low fee's is a perfect place to have a brokerage account to hold an additional IRA/Roth IRA outside of your employers 401k. If your unsure how to fund it, just fund it with like a 45% VOO another 45% VYM and 10% bond ETF of your choice and that's diversified enough to go along with your already well diversified 401k at work. If you don't have a 401k and can only do a IRA then just pick a target date fund and forget it. Max it out every year and then keep learning.
Hi Financial Diet! I love your series and have gotten so much better at managing my money since I started following the tips in your videos. I have built an emergency fund, started a retirement account at my last job, and know the in and outs of my credit. Taking advantage of some of the Next-Level moves in this video is next on my financial agenda!
On a different note, I just started medical school and will graduate with roughly $300K in debt (and I don't even go to the most expensive school out there). Can you please make a series for people in school and those who have graduate school debt? I don't have time for a job (literally no one in my class has a job, its bizarre), so I won't be making money for the next 4 years. This means I can't start paying off loans now, nor do I have any additional contribution to my emergency fund or retirement account. The obvious choice is to apply for as many scholarships as possible, take advantage of subsidized loans, and minimize my cost of living. Beyond that, I am not sure what to do. And sure, in four years I will start making good money. But then I will also have a mountain of debt to pay off. Please help!
I am SO glad you mentioned credit card dispute policies because they can be so useful if a business is well and truly scamming you. I signed up for a big event that got canceled and I was almost completely scammed out of $400 by the person running the event. Luckily I knew to call the credit card company and got every penny back.
I've started to look forward to these on a Tuesday.. Greetings Chelsea from England 🇬🇧🇬🇧🇬🇧🇬🇧🇬🇧🇬🇧🇬🇧🇬🇧🇬🇧🇬🇧.
I’m on a financial wellness kick according to my recommended videos to watch on CZcams and really enjoyed all these tips!
I love these tips - they're not all just common sense, but things you might not think about!
I found that if you use a free trial and immediately cancel it, you can still use the free trial until the end of the month because you only cancel for the next period.
Figuring out your options for investment/retirement accounts is one of the best things you can do for your future!
This is an incredibly timely video because I really need to move from "survival mode" to that next level. My problem is what I have come to call financial PTSD. After fleeing an abusive husband and a divorce that left me in truly horrific financial situation and I just can't bring myself to believe that I'm actually in a stable enough position to get a credit card. I keep having visions of losing my job and not being able to pay it off (just like last time) and ending up with another charge off like the one that has just dropped off of my credit reports. I have the rest covered; 401k with maxed out match, emergency fund, bills all on autopay with no problems covering them, etc. but the credit thing terrifies me. Maybe this is something that can be addressed in future videos.
I like this next level stuff beyond the basic finance 101 advice. Good idea to learn the dispute steps for credit cards.
Can you please do a video that talks about what kind of data the Credit Score companies use for marketing ("steal and sell") when requesting for a Credit report? And how to opt-out of the marketing, as far as I can tell most of them force us to opt-in for to get the report.
I find it interesting what you said about funneling all purchases through cards to get points. I do that with all my purchases, except my rent. I can't pay my rent through a credit card without the rental company charging me a big fee, which is a bummer since that would be hundreds of dollars worth of travel points every month.
Same with mortgages- they don't let you charge that either.
Thank you Chelsea, these were very good tips again and made me think and plan ahead! Keep up the good work!
I’m late to this video but I recently turned on text notifications every time my credit card is used... so when I saw a subscription I wasn’t using show up I could cancel or if something sketchy shows up in the future I can call my bank immediately... a good hack for me since I’m bad at checking my statements but still want to know what’s going on it.
Great video! This is why I have kept subscribed to your account. Your website and content have definitely changed over the years but this is what I love and look for!
This is really informative. I just keep hearing Cardi B's voice when Chelsea says "Money Moves".
That Real Housewives episode will go down in history as one of the best of the best
When signing up for a trial, make sure to cancel it right away! Like right after the account has been created. You actually don't have to wait for the trial to be over in order to cancel. Even if you cancel before the trial ends, you still can keep the trial until the end.
Chelsea I need to tell you about your doppelganger. Her name is Alba August. She's a Danish Swedish actress. She's in the show The Rain on Netflix! She really reminds me of you everytime I watch the show!
I'm very leary of those online "free trial" offers. Even if I'm sure I could finish reading/watching--whatever it is I'm interested in--before the trial period is over, I avoid them. My concern is that cancelling will be a problem (I'm a bit obsessive about deadlines, so I won't forget the "end date" part). I won't even try the Amazon Prime video/Kindle/Audible trials--and, I know those will be easy-peasy to cancel before the end date...
3:13 Hearing this broke my heart.
I just use prepaid for credit cards
and my mobile phone. Have no debt and a good Swiss pension.
Does anyone know what a smart thing to do is if you're not sure you'll want to retire. I currently work in a field where people, typically out of choice, work until they're dead (it's largely enjoyable and not physically taxing so that sort of thing is possible). I realize I may not always be in this career line so it would be nice to save for retirement. But if I do end up wanting to work until end of life or very very close to it, what is an option that would be flexible for me to tap into even though I'm still employed? Do all retirement funds just go to you at 65, or do you have to go through the formalities of retirement?
I've done that exact thing with Hulu and sites like it. Alarm game on lock! 😂
I never sign up for any free trials that ask for credit card info. If it was really free, they wouldn’t be asking for that 🤷♀️
Hey Chelsea! Thanks for the video. Probably going to find an airline card when I'm going to be making bigger purchases. I switched to using my current credit card over my debit card when I had to replace my laptop and picked a rather expensive one.
Also, where did you get your glasses? I've been looking for a similar pair for a while, but the company I tried had lenses that hurt my eyes. Thanks for the help!
Credit Repair, pick me for a trial, please! I endured familial betrayal and abuse which dropped my score under 600 too. :(
I love your videos!! This awesome channel will help me to look after my financial life!!
I love the fact that you like trashy reality tv. Lol. It is a guilty pleasure of mine.
Hint: usually you can cancel the trial right away and keep the account until the trial expires. No need for reminders.
How do you get the free trial for the credit repair?
Easy way to not be poor and you're already poor is to move by hitchhiking or maybe bussing, if you don't mind paying a lil bit, to a cheap place to live in your country. Take any full time job, Live in a spare room with low rent, don't get into relationships and don't go out much and if you do go to do cheap stuff like a a friday movie night. DON'T HAVE CHILDREN! NEVER TAKE OUT A CREDIT CARD OR USE CREDIT! Save all your money in a bank, destroy the debit card you are given and when you need to buy groceries walk to the bank and manually take out money inside with the clerk using your drivers license or ID. This will make it hard for you to buy things on impulse as you have no way of buying things online and you have no cash on you most of the time. And after like 2 years you have a couple thousand saved collecting small interest. Also never pay for subscriptions of anything get a free piece of shit laptop on craigslist and use Starbucks wifi and watch your shows on for free, albeit illegal websites(Don't ever buy shit at Starbucks they won't kick you out as they're a liberal company spooked by all the bad press they been getting) Also never give to the homeless, never donate, never tip, and donate plasma( Once a week not twice as its been proven too often is dangerous) DRINKING ONLY WATER, preferably your neighbors tap/garden hose water in a bottle as to not raise your utility bill. But some of these are unethical and not a comfortable way of living and I gotta to people who scoff/dismiss these options I gotta say you are a PAMPERED BABY! Come on you could have been born in a remote African village eating ants with no clean water/ no water at all and getting bit by diseased mosquitos and being put in a unpaid commercial with a hippie white person with the saddest music soundtrack for rich countries to maybe give you funds to survive. Sadly no one will any of these options because they can't stand being "unethical" and or frugal.
Closed captioning would be helpful
Smh credit repair companies are not a good fix to a low score. They give a temporary boost but that’s pretty much it
Can you do a video on getting a first credit card? It's so confusing!
I'm not seeing the retirement calculator link. Did anyone find and use it?
It might be here. I cant tell, it isn't a mobile friendly website cashmoneylife.com/how-many-retirement-accounts-can-you-have/
I crack the hell up every time I hear you say: SHIT
I use Visa giftcards for free trials with the balance, so if I forget, even with alarms I'm cover for at least a month.
is the first tip taking into account the usage percentage? its my understanding you should keep the usage low (like, if the limit is a thousand, you max use 100 or whatever) to improve your credit score
If you are paying off your credit card each month before the statement period ends (the date varies by account), your usage should be at 0%. I have been doing this for a couple years now and have not had any reported usage on the account if it's paid in full before the statement period ends.
You guys should totally have a podcast
My employer does a 9.3% dollar for dollar match on our 401ks. I feel like it is wasting money to put it in an account that doesn't match it. How can I insure the steadiest retirement possible?
Where is that calculator??
Hey y'all! Does anyone know of other credit card reward/perk systems? The most common ones I hear about are travel points/miles or cashback... What other options are out there?
Love this Channel 😊
I have a great score at only 22 yrs old my only issue holding me back is finding full time work. Any advice?
You should get Hayu to watch reality tv shows! it's $5 a month plus tax
Can you watch it through Roku?
Some good insights in this vid
I love your videos, but can you pleeease use CC?
Speed up to 2x.
You are welcome.
Great video
Do you just like rhony or all the franchises?
Fellow RH fan!
Hello! I am hoping a fellow TFD listener can offer some advice..
I currently am working in the US, but I dont plan to be living or working here in about 5 years.. Should I even bother with a 401k?
Any help would be really appreciated!!
I'm not a financial planner or anything, but if you have an employer match that will be vested before you leave, then absolutely! Regardless of whether you go with a 401K or IRA/Roth IRA, you want to take advantage of compounding interest and begin investing as early as possible.
I don’t gotta dance I make money move 😎😎😎
i have a pension and roth
This needs to be taught in shools
If your country doesn do credit card reward systems, 401K's, or credit scores, you can skip this video ;)
Yeah and start protesting in the streets!
I like Chelsea!
Chelsea, your hair 😍
I just filed for my first (student) credit card and I feel weirdly grown up (I live in a place where credit card is not the standard)
Girl RHONY?
#triallove
You’re in the HW Reddit group too?? Reason #643526 ilu
Lol lol awwwww u guys think credit is your friend 😅😅😅 no thanks, I'll stick with my "elder" dave ramsey ✌
When you're from europe and bearly anyone has a credit card, this videos is 100% useless LUL